Indonesia’s Leading and Preferred Petrochemical Company

PT Chandra Asri Petrochemical TbkCompany Presentation

CGS-CIMB 13th Annual Indonesia Conference Bali, 28 June 2019

IMPORTANT NOTICE: This document contains forward-looking statements concerning thefinancial condition, results of operations and business of PT Chandra Asri Petrochemical Tbk. Allstatements other than statements of historical fact are, or may be deemed to be, forward-lookingstatements. Forward-looking statements are statements of future expectations that are based onmanagement’s current expectations and assumptions and involve known and unknown risks anduncertainties that could cause actual results, performance or events to differ materially fromthose expressed or implied in these statements. All forward-looking statements contained in thisdocument are expressly qualified in their entirety. Readers should not place undue reliance onforward-looking statements. Neither PT Chandra Asri Petrochemical Tbk nor any of itssubsidiaries undertake any obligation to publicly update or revise any forward-looking statementas a result of new information, future events or other information. In light of these risks, resultscould differ materially from those stated, implied or inferred from the forward looking statementscontained in this document.

2

Disclaimer

01

Company Overview

02

Business Performance

03

Strategic Priorities

2019Outlook

Contents

3

Indonesia’s Leading & Preferred Petrochemical Company

CompanyOverview1

4

5

Petrochemical ProducerLargest & Integrated in Indonesia Operates the country’s only Naphtha Cracker, Styrene Monomer,

and Butadiene plants

Market LeadershipHighly attractive Indonesia & SEA petrochemical market Market share of domestic market: approx. 50% (Olefins), 20%

(Polyethylene), 27% (Polypropylene)

Strong Support Barito Pacific Group Siam Cement Group

Transformation in 2016Post Naphtha Cracker Expansion in Q4 2015 Increased production capacity by some 43%: 860KTA (Ethylene),

470KTA (Propylene), 400KTA (Py-Gas), and 315KTA (Mixed C4)

Completion of Downstream Expansion

Butadiene plant up to 137KTA from 100KTA New 120KTA Synthetic Rubber plant (JV with Michelin)

Status Vital National Object

Chandra Asri at a glanceLargest Integrated Petrochemical Producer in Indonesia

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Integration From upstream cracker to downstream polyolefins products Located strategically near key customers in Cilegon, Banten

Low Production Cost &

Operating Efficiencies

Benefit from scale of feedstock sourcing & stable supplier relationship

Naphtha Cracker utilization rate >90% in average

Long-Standing Relationship

Diverse customer base No single customer accounts for more than 7-8% of consolidated

revenues Around +/- 75% products by revenues sold to domestic market

Captive Distribution

Network

Provide significant cost efficiencies Key customers integrated with our production facilities via pipelines Key customers are benefitted with significant cost efficiencies

Strategic Growth

New projects in pipeline Expand downstream products: New Polyethylene plant,

Debottlenecking Polypropylene plant, MTBE/B1 plant and other efficiency improvements

Evaluation of a second petrochemical complex is underway

Stable & robust financials supported by strong credit strengths

Polyolefins39%

Olefins32%

Styrene Monomer

18%

Butadiene11%

2,419m

Polyolefins47%

Olefins29%

Styrene Monomer16%

Butadiene8%

2,543m

Chandra Asri at a glance

(US$)

Integrated Production of Diverse Products

Ethylene (860)

Propylene (470)

PyrolysisGasoline (400)

Mixed C4 (315)

Polypropylene (480)

Capacity (KT/A) Use (Examples)

Naphtha consumption of 2,450 KT/A at full capacity

Polyethylene (336)

Styrene Monomer (340)

Naphtha

Co-generation plants

Utilities & facilities

Water facilities

Jetty facilities

Support facilities

Butadiene (137)

(KT/A)

Merchant market (430)

Capacity

Synthetic Rubber Feedstock (120)

7

Our products encompass a wide range across the consumer products value-chain, and our leadingposition and strategic location enhances our competitiveness

8

CapacityPolytama Others Total

('000 tons per year)

Ethylene 860 860Propylene 470 608 1,078LLDPE 200 200 400HDPE 136 250 386Polypropylene 480 45 240 765Ethylene Dichloride 760 370 1,130Vinyl Chloride Monomer 875 130 1,005Polyvinyl Chloride 550 95 202 847Ethylene Oxide 240 240Ethylene Glycol 220 220Acrylic Acid 140 140Butanol 20 20Ethylhexanol 140 140Py-Gas 400 400Crude C4 315 315Butadiene 137* 137Benzene 125 400 525Para-Xylene 298 540 838Styrene 340 340Styrene Butadiene Rubber 120* 75 195Total 3,458 450 1,076 240 2,185 595 940 1,037 9,981

Indonesia’s Largest Petrochemical Producer

Capacities of Petrochemical Producers in Indonesia

*) As of June-18 for BD and August-18 for SBRSource: Nexant – 2018; and Company

We offer the most diverse product range and a dominant producer with approximate domesticmarket share of 50% (Olefins), 20% (Polyethylene), and 27% (Polypropylene)

9

Indonesian Market LeaderMarket leader in Indonesia across all of its products & a leading player in the region

CAP50%

27%

23%

Import

Pertamina

Polyolefins Top 10 South East Asia Producers(3)

Largest Petrochemical Company in Indonesia(1)1 Olefins Top 10 South East Asia Producers(3)

Olefins Polyethylene

Polypropylene Styrene Monomer

Total Supply: 1.7M tons

Total Supply: 1.8M tons Total Supply: 0.3M tons

Total Supply: 2.6M tons

CAP20%

53%

27%

Import

LCT(2)

CAP27%

57%

13%

3%

Import

PolytamaPertamina

CAP100%

(1) By production excluding fertilizer producers(2) Refers to Lotte Chemical Titan(3) Chandra Asri capacity is inclusive of SCG’s equity in Chandra AsriSource: Nexant – 2018

01,0002,0003,0004,0005,000

PTTG

C

SCG

Exxo

nMob

il

Shel

l/QPI

PCG

Lott

e Ch

emic

alTi

tan

Chan

dra

Asri*

IRPC

Sum

itom

o

Pert

amin

a

Ethylene Propylene Ethylene Capacity Addition Propylene Capacity Addition

(’000 tons per year)

7

01,0002,0003,0004,0005,000

Exxo

nMob

il

SCG

PTTG

C

Lott

eCh

emic

al…

TPC

IRPC

Chan

dra

Asri* PC

G

JG S

umm

it

Chev

ron

Phill

ips

HD LL LD PP Polyolefins Capacity Addition

(’000 tons per year)

7

10

Strategically Located to Supply Key Customers

CAP’s Integrated Petrochemical Complexes

Cilegon

Merak

Jetty CAP PipelineToll Road Road

Puloampel-Serang

Styrene Monomer Plant

Capacity 340 KT/A

Sriwie

DongjinLautan Otsuka

AsahimasPolypet PET

Polyprima PTAARCO PPG

Amoco MitsuiTITAN PE

Mitsubishi KaseiPIPI PS and SBL

Unggul Indah ABProintail

Statomer PVCBuana Sulfindo

Santa Fe

Rhone Poulenc SBLSulfindo Adiusaha NAOH, CL2

Golden Key ABSMultisidia

Risjad BrasaliEPS, SAN

Trans BakrieCont Carbon CB

Indochlor

Sintetikajaya

Showa Esterindo Sulfindo Adi. PVC

PolychemRedeco

CabotSiemens

HoechstKS

Dow Chemical

Air Liquide

UAP

Customers with pipeline access

NSI

Sulfindo Adi. EDC, VCM

Indonesia

Cilegon

Integrated ComplexAnyer

N

Integrated Complex Main Plant Capacity (KT/A)− Ethylene: 860− Propylene: 470− Py-Gas: 400− Mixed C4: 315− Polyethylene: 336− Polypropylene: 480

Butadiene Plant: 137 KT/A On-Site Power SBR Plant: 120 KT/A

Jakarta

Our location proximity and well-established pipeline ensures excellent connectivity to key customerscoupled with supply reliability which lead to premium pricing, with integration of facilities creatingsignificant barriers to entry

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Solid Commitment from ShareholdersStrong backing from long-term marquee strategic regional investors committed to the developmentof the businessShareholder Structure (as of 31 March 2019)

41.51% 2.08%30.57%

PrajogoPangestu(1)

MarigoldResources(2)

4.75%14.76%

(1) Owns 73.08% of PT Barito Pacific Tbk(2) Subsidiary of PT Barito Pacific Tbk(3) Total Public sharesholding including Bangkok Bank is 8.41%

Indonesia based conglomerate with business interests in property, timber, plantation, power generation and petrochemicals

Key Benefits of Partnership Barito Pacific is committed to the growth and development of CAP− Available land for expansion− Financial commitment (e.g. full subscription to 2013 rights offering)

Barito Pacific Siam Cement Group

Thailand’s largest industrial conglomerate and Asia’s leading chemicals producer

Invested 30% in CAP in 2011

Key Benefits of Partnership Second largest Olefins and Polyolefins producer in South East Asia Production know-how and sharing of best operational practices Raw material procurement savings Sales and marketing collaboration Access to Thai financial institutions Accelerate CAP’s expansion plans

Public(3)

6.33%

12(1) Representative of SCG(2) Appointed since September 2018

DJOKO SUYANTOPresident Commissioner

Independent Commissioner

3 years in Industry3 years with CAP

TAN EK KIAVP Commissioner

IndependentCommissioner

45 years in Industry7 years with CAP

HO HON CHEONGCommissioner,

Independent Commissioner

3 years in Industry3 years with CAP

LOEKI SUNDJAJA PUTERA

Commissioner

16 years in Industry16 years with CAP

AGUS SALIM PANGESTU

Commissioner

12 years in Industry12 years with CAP

THAMMASAK SETHAUDOM(1)

Commissioner

27 years in Industry<1 year with CAP(2)

CHOLANAT YANARANOP(1)

Commissioner

31 years in Industry6 years with CAP

ERWIN CIPUTRAPresident Director

14 years in Industry14 years with CAP

KULACHET DHARACHANDRA(1)

VP Director of Operations

24 years in Industry2 years with CAP

BARITONO PRAJOGO

PANGESTUVP Director of Polymer

Commercial

13 years in Industry13 years with CAP

LIM CHONG THIANDirector of Finance

38 years in Industry13 years with CAP

SOMKOUN SRIWATTAGAPHONG(1)

Director of Manufacturing

21 years in Industry<1 year with CAP(2)

FRANSISKUS RULY ARYAWAN

Director of Monomer Commercial

16 years in Industry16 years with CAP

SURYANDIDirector of Human

Resource and Corp. Administration

28 years in Industry28 years with CAP

Board of Directors

Board of Commissioners

Strong Management TeamWith substantial industry experience

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Our Sustainability FootprintIn all of its business operations, CAP implements principles of good governance and sustainability.These principles encompass the triple bottom line of People, Planet and Profit.

Empowering communities

Rebuild lives in post disaster areas

Infrastructure support for public facilities

Maintain zero accidents in the plant area

Preserve biodiversity

Zero-waste policies in the plant area

Promote plastic waste management and circular economy

Consistent growth

Backbone of Indonesia’s petrochemical downstream industries

PEOPLE PLANET PROFIT

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Empowering Communities, Preserving EnvironmentHEALTH - Immunization and family planning services. Distribution of milk and supplementary food for infants.

ENVIRONMENT - Converted over 2mn used plastic bags into more than 6km2 of plastic-asphalt road that is 40% more durable.

SOCIOECONOMIC - SME Micro Financing Program for local entrepreneurs. Support co-op for the union employees.

EDUCATION - Awarded scholarships to leading Indonesian universities; Math and Physics teacher training programs.

15

Sustainability InitiativesPlastic asphalt road in our plant area, July 2018

Support Cilegon City to build 10KM plastic asphalt road in 2019

Indonesia’s Leading & Preferred Petrochemical Company

BusinessPerformance2

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Plant UtilizationDelivering Operational Excellence & Performance – Plant Utilization remained high due to ouroperational process optimization initiatives

Polyethylene Plant

Naphtha Cracker

Polypropylene Plant Styrene Monomer Plant Butadiene Plant

98% 95% 102%

2016 2017 2018

89% 94%

110%

2016 2017 2018

82%

105%

89%

2016 2017 2018

88%

117%

79%

2016 2017 2018

65%

92%99% 103% 100% 97% 99% 102% 100% 94% 95% 95%

Q1

2016 Q2

2016 Q3

2016 Q4

2016 Q1

2017 Q2

2017 Q3

2017 Q4

2017 Q1

2018 Q2

2018 Q3

2018 Q4

2018

90%99% 96%

2016 2017 2018

(1)

(1) Due to planned shutdown during Mar-Jun 2018 (90 days) for tie-in works of 37% capacity expansion to 137KTA and TAM.(2) Due to TAM of both trains.

(2)

Ramp-up of new capacity: Q1/2016

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Production & Sales Volume

Polypropylene Plant

Naphtha Cracker Polyethylene Plant

Styrene Monomer Plant Butadiene Plant

771855 829

381450 405

2016 2017 2018Prod Sales

329 320 343316 327 342

2016 2017 2018Prod Sales

428 451526

427 439528

2016 2017 2018Prod Sales

276

356303

276

349303

2016 2017 2018Prod Sales

88117

9685

11894

2016 2017 2018Prod Sales

(KT) (KT)

(KT) (KT) (KT)

783 734

943 1,184

433

411

252

206 7

9 24192543

2017 2018Olefins Polyolefins

Styrene Monomer and by-products Butadiene and by-products

Tanks and Jetty rent

(US$m)

19

Net RevenuesLower Net Revenues by 20.6% ytd to US$552.2 million in Q1 2019, reflecting lower realized ASP particularly forEthylene, Polyolefins and Styrene Monomer; and slightly lower sales volumes due to planned maintenance activities.

•Revenue by Product Segments

206 132

322 266

121

97

42

55

4

3

696

552

Q1 2018 Q1 2019Olefins Polyolefins

Styrene Monomer and by-products Butadiene and by-products

Tanks and Jetty rent

319

182

74 18

2017 2018 Q1 2018 Q1 2019

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Key Financials

Source: Company Information

Gross Profit EBITDA

Net Profit Cash flow from Operations, Capex

Adjusted EBITDA margin

Net Profit Margin

Year to Date

545

391

141 64

2017 2018 Q1 2018 Q1 2019

394 404

18

(177)

226

354

88 67

2017 2018 Q1 2018 Q1 2019

CFO Capex

550

402

129 66

2017 2018 Q1 2018 Q1 2019

(US$m)

12%19%

3%11%

Moderating petrochemical margins reflecting supply/demand dynamics, yet we continue to generate double-digitEBITDA margins of 12% in Q1 2019.

16%23%

7%13%

21

Key Financials

27% 26% 26% 28%

1.1x 1.5x 1.2x 2.0x

-0.4x -0.3x -0.3x 0.4x

2017 2018 Q1 2018 Q1 2019Debt to Capitalisation Debt to Adjusted EBITDANet debt to Adjusted EBITDA

15.3x

7.8x9.0x

3.9x

2017 2018 Q1 2018 Q1 2019

(x)

Cash Balance Debt and Net Debt

Adjusted EBITDA / Finance Costs (1) Leverage Ratios (2)

Min2.5x

Max50%

FCCRFinancial Covenant

(x and %)

843 727 764

548

31-Dec-17 31-Dec-18 31-Mar-18 31-Mar-19

(US$m)

632 618 621693

- - -

145

31-Dec-17 31-Dec-18 31-Mar-18 31-Mar-19

Debt Net Debt(US$m)

* Net Cash position of US$109m

1) Adjusted EBITDA calculated on LTM basis2) Debt to Capitalisation calculated as total debt divided by (total debt + equity). Debt to Adjusted EBITDA calculated as Total Debt divided by Adjusted EBITDA. Net Debt to Adjusted EBITDA

calculated as Net Debt divided by Adjusted EBITDA.

We maintain a very strong Q1 2019 Balance Sheet with Net Debt to EBITDA at 0.4x, and very good liquidity withUS$547.8 million in cash and cash equivalents.

* Net Cash position of US$210m

* Net Cash position of US$143m

22

Capital Expenditure Plan Fully funded through 2020

Capex Plan 2018-2020

(US$ mn)

13

163

78

4

10

14

10

58177

38

3654

19

66

136

237

354

465

294

2018 2019Plan 2020F

BD expansion PE expansion PP expansionFurnace Revamp Others/TAM MTBE & Butene-1New cracker initial spend

Indonesia’s Leading & Preferred Petrochemical Company

Strategic Priorities3

26

24

2019 Key Priorities

New 400 KTA Polyethylene Plant to achieve on-spec product by Q4 2019

23% increase in Polypropylene capacity to 590KTA with completion of expansion programme by Q4 2019

Complete Furnace Heater Revamping to increase ethylene and propylene production capacity by end 2019

Successfully execute 55-day Turnaround Maintenance (TAM) in Q3 2019

Maintain overall production volumes around 2018 levels with change in product mix due to TAM

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Attractive Indonesian Macroeconomic Growth & Consumption Trends

Source: Nexant 2018, IMF, BKPMNote:1. GDP, constant prices; IMF World Economic Outlook Database, October 20172. Polyolefins include HDPE, LLDPE, LDPE and PP

Polyolefins Consumption per Capita(2)GDP Growth CAGR (2017 – 2020F)(1)

Foreign Direct Investment in Indonesia (2014 – 2018)(US$bn)

Product Substitution Consumer Spending

Quality of LifeRising Population

Domestic trends

Urbanization Manufacturing

7.7%6.8% 6.3% 6.2%

5.4%4.8%

3.3%2.6%

2.0% 1.6% 1.6%US

Indonesia

India

0%

2%

4%

6%

8%

10%

0 10 20 30 40 50 60 70Proj

ecte

d C

AGR

in 2

019-

2025

F

Consumption per capita in 2018 (kg)

Bubble size indicates demand in 2018, million tons

11

53

2026

49

5

SEA*3

Brazil4

Note: EE = Eastern Europe, CE = Central Europe, WE = Western Europe, SEA* = South East Asia (including Malaysia, Philippines, Singapore, Thailand and Vietnam) * Excluding

EE

China

Japan

CE & WE

28.5 29.3 29.032.0

29.3

2014 2015 2016 2017 2018

157 510

230

3,301 3,458

3,968 4,198 4,198

2016 2018 2019 2020 2020

(KT/A)

26

Strategic Growth via Expansion & DebottleneckingAfter doubling the size of production capacity over historical 10-yrs, expected further growth in the next 5-yrs will come from several expansion & debottlenecking initiatives

2016 – 2020 CAGR: 6.2%

SSBR operation, BD expansion

C2, C3, MTBE and Butene-1

PE expansion& PP Debotlenecking

Note: SSBR – Solution Styrene Butadiene RubberBD Expansion - Butadiene Plant ExpansionPE - Polyethylene

PP – PolypropyleneMTBE - Methyl tert-butyl ether C2 / C3 – Refers to furnace revamp

COMPLETED(KTA)

SSBR: ∆120KTBD: ∆37KT

PE: ∆400KTPP: ∆110KT

C2: ∆40KTC3: ∆20KT

MTBE: ∆127KTB1: ∆43KT

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ProjectsOn stream & on track

Furnace Revamp

Increase BD capacity by 100 KT/A to 137 KT/A

Rationale: Add value to incremental C4 post 2015

cracker expansion Avoid opportunity loss of exporting

excess C4 Enjoy BD domestic premium and fulfill

SRI’s BD requirement Status: Completed and restarted on 3 June

2018 Investment: US$ 42 million

Butadiene Plant Expansion

Increase cracker capacity by modifying heat internals to increase ethylene capacity from 860 KT/A to 900 KT/A and propylene capacity from 470 KT/A to 490 KT/A

Proposed start-up: end 2019 Est. Investment: US$ 48 million

New facility of total 400 KT/A to produce LLDPE, HDPE and Metallocene LLDPE

Rationale: Further vertical integration; Protect and grow leading polymer market

position in Indonesia Proposed start-up: 4Q2019 Est. Investment: US$ 380 million

New Polyethylene Plant

Increase Production Capacity

Additional Expansion and Product Offering Initiatives

Production of 127 KT/A and 43 KT/A of MTBE and Butene-1, respectively

Rationale: Secure supply of MTBE and Butene-1 which

are used in the production of Polyethylene Excess demand for MTBE in Indonesia

Proposed start-up: 3Q2020 Est. Investment: US$ 130.5 million

MTBE and Butene – 1 PlantPP Debottlenecking

Debottleneck PP plant to increase capacity by 110 KT/A from 480 KT/A to 590 KT/A

Rationale: Demand and supply gap for PP expected to

widen in Indonesia Opportunity to increase PP sales

Proposed start-up: 4Q2019 Est. Investment: US$ 39.5 million

Expand Product Offering by Moving Downstream

Synthetic Rubber Project (through SRI JV)

Part of downstream integration strategy and efforts to produce higher-value added products

Partnership with leading global player (55% Michelin and 45% CAP)

Production capacity: 120 KT/A Status: Mechanical completion 24 May 2018

and started up 31 Aug 2018 Investment: US$435 million

Progress 60%

Progress 70%

Progress 97%

Progress 91%

On Stream

On Stream

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Well-positionedTo benefit from the demand-supply gap in Indonesia

Polyethylene Polypropylene

Ethylene Propylene Butadiene

1,5181,849

3,232

860 900

900

1,100

446

(658)(949) (786)

2,446

2018 2020 2024

(KTA)3 crackers needed to catch up with

domestic demand

(KTA)

1,007 1,025

1,774

470 492 492

602439 418

489

(97) (115) (191)

1,583

2018 2020 2024

910909

(KTA)

115 135

227

119137

137

160

38

4 2

108

335

2018 2020 2024

1,5961,960 2,120

336736 736

750

450323

70

(810) (901)(564)

1,556

2018 2020 2024

1,059786

(KTA)

1,7522,181

2,396

480 590 590

450285 204

426

(987)(1387)

(930)

1,466

2018 2020 2024

794765

(KTA)

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CAP2 – Project Master Schedule

Gate 3: Q2’20• Funding structure clarity• Budget for EPC Bidding

Gate 1: Sep’17• Budget approval for Land (partial)/

License/ BEP/ PDP

CAP 2 Concept1. Complex Configuration2. Feed Design Basis3. Preliminary Investment

1. Preliminary project return2. Technology Award3. License/BEP/ PDP4. FEED ITB5. Appoint FA

1. FEED2. AMDAL3. Bankability Report4. EPC ITB

1. EPC Bidding2. Final TIC3. Investment Return Report4. Firmed Funding Plan5. Permits

1. EPC Work2. Financial Close3. Commissioning4. Startup H1’24

Gate 2: Mid’19• Budget Approval for Land/

FEED/AMDAL/ITB

Gate 4: Q4’20• FID Approval

Pre-Launch Stage 1 Stage 2 Stage 3 Stage 4

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For more information please contact:Head Office Address:PT Chandra Asri Petrochemical TbkWisma Barito Pacific Tower A, 7th FloorJl. Let. Jend. S. Parman Kav. 62-63Jakarta 11410

Investor Relations Contact:Harry M. Tamin, Head of Investor RelationsTelephone: +62 (21) 530 7950Faximile: +62 (21) 530 8930 Email: investor-relations@capcx.com

Corporate Website:www.chandra-asri.com

PT Chandra Asri Petrochemical Tbk28 June 2019Company Presentation

CGS-CIMB 13th Annual Indonesia Conference